Moore Capital Management LP Has $14.64 Million Stock Holdings in Carpenter Technology Corporation $CRS

Moore Capital Management LP lessened its stake in shares of Carpenter Technology Corporation (NYSE:CRS) by 52.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 46,483 shares of the basic materials company’s stock after selling 51,440 shares during the quarter. Moore Capital Management LP owned about 0.09% of Carpenter Technology worth $14,635,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Geneos Wealth Management Inc. bought a new position in Carpenter Technology during the second quarter worth about $28,000. Armstrong Advisory Group Inc. increased its position in Carpenter Technology by 57.3% during the fourth quarter. Armstrong Advisory Group Inc. now owns 118 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 43 shares during the period. Spire Wealth Management increased its position in Carpenter Technology by 164.7% during the fourth quarter. Spire Wealth Management now owns 135 shares of the basic materials company’s stock worth $42,000 after acquiring an additional 84 shares during the period. Headlands Technologies LLC bought a new position in Carpenter Technology during the second quarter worth about $43,000. Finally, Rakuten Securities Inc. bought a new position in Carpenter Technology during the second quarter worth about $45,000. 92.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CRS. KeyCorp raised their price target on shares of Carpenter Technology from $453.00 to $459.00 and gave the stock an “overweight” rating in a research report on Monday, May 4th. JPMorgan Chase & Co. raised their price target on shares of Carpenter Technology from $465.00 to $470.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $500.00 price target on shares of Carpenter Technology in a research report on Thursday, April 30th. BTIG Research raised their price target on shares of Carpenter Technology from $375.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Finally, Susquehanna raised their price target on shares of Carpenter Technology from $470.00 to $495.00 and gave the stock a “positive” rating in a research report on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Carpenter Technology has an average rating of “Moderate Buy” and an average price target of $458.63.

Carpenter Technology Price Performance

CRS stock opened at $576.70 on Thursday. The company has a quick ratio of 2.08, a current ratio of 3.73 and a debt-to-equity ratio of 0.33. Carpenter Technology Corporation has a 12 month low of $228.00 and a 12 month high of $585.50. The firm has a market cap of $28.66 billion, a P/E ratio of 60.71, a P/E/G ratio of 1.93 and a beta of 1.25. The company’s 50-day moving average price is $456.67 and its two-hundred day moving average price is $389.60.

Carpenter Technology (NYSE:CRS) last released its earnings results on Wednesday, April 29th. The basic materials company reported $2.77 EPS for the quarter, beating the consensus estimate of $2.59 by $0.18. Carpenter Technology had a net margin of 15.82% and a return on equity of 25.02%. The firm had revenue of $655.60 million for the quarter, compared to analyst estimates of $797.00 million. During the same period last year, the firm earned $1.88 EPS. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. On average, analysts anticipate that Carpenter Technology Corporation will post 10.56 earnings per share for the current fiscal year.

Carpenter Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Tuesday, April 28th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Carpenter Technology’s dividend payout ratio (DPR) is currently 8.42%.

Insider Activity

In related news, VP Marshall D. Akins sold 11,815 shares of Carpenter Technology stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $441.36, for a total transaction of $5,214,668.40. Following the sale, the vice president directly owned 18,344 shares of the company’s stock, valued at approximately $8,096,307.84. The trade was a 39.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Anastasios John Hart sold 750 shares of Carpenter Technology stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $423.86, for a total transaction of $317,895.00. Following the sale, the director directly owned 750 shares in the company, valued at $317,895. This trade represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is owned by company insiders.

About Carpenter Technology

Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as additives, and metal powders and parts. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.